Ethereum Classic surges to $117 all-time high

Ethereum hard fork crypto rockets to new heights, up 2,000% since the start of the year

Ethereum Classic (ETC) surged to an all-time high on Thursday, continuing the momentum that has seen it gain 486% in the past month.

The cryptocurrency was created as a hard fork in the blockchain protocol following a 2016 hack of the Ethereum network in which 3.6 million ether were stolen.

While Ethereum has been subject to continuous upgrades and security improvements, those behind Ethereum Classic have eschewed such measures, wanting to stay to the ‘code is law’ principle.

Trying to catch up?

It is widely thought that ETC’s recent momentum is simply down to it playing catch up with the rest of the crypto market.

Ether has increased by 371% since the start of the year, in large part thanks to the ongoing Ethereum 2.0 upgrade, which will make transactions on the blockchain much faster.

That the undeniably slower and potentially less secure Ethereum Classic should surge by so much has thus proved surprising.  

Fuelled by a limited supply

While some may argue it is already out of date and will only become more so with the onset of Ethereum 2.0, more bullish voices have pointed to Ethereum Classic’s limited supply as a justification of its latest gains.

Whereas the supply of ether is somewhat more elastic, the total supply of Ethereum Classic will be capped at 210.7 million ETC, with the speed of supply reduced after every five million additional data blocks.

Ethereum Classic traded up 24.8% in mid-afternoon trading at $117.45, having started the year at $5.68.

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